![]() ![]() The experience of the bank run was also far removed from prior eras when a large number of customers would physically show up at a bank to withdraw funds (though some did line up outside Silicon Valley Bank locations, too.) Now, many could do so online or through mobile devices. “Now we don’t have that, but we have Twitter.” Yellen Professor of Finance and Management at the Yale School of Management, told CNN. The reason it would happen is people would walk down the street and observe people standing outside of banks,” Andrew Metrick, Janet L. “Even back in the ancient days, way before we had any form of modern communication, this stuff tended to be rumors that moved really fast. Still, the end result was a modern race to withdraw funds, which House Financial Services Chair Patrick McHenry later described in a statement as ” the first Twitter-fueled bank run.” On the other side of a screen, startup leaders raced to withdraw funds online – so many, in fact, that some told CNN the online system appeared to go down. Founders and CEOs then shared tweets about the concerning situation at the bank in private Slack channels, according to The Wall Street Journal. Some investors urged startups to rethink where they kept their cash. In the day leading up to the bank’s collapse, multiple prominent venture capitalists took to Twitter in particular, and used their large platforms to raise alarms about the situation, sometimes typing in all caps. SVB insider says employees are angry with CEO ![]() The Silicon Valley Bank branch office in downtown San Francisco, California, U.S., March 13, 2023. ![]()
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